Commodities
Gunvor Snapped Up North Sea Oil During Futures-Market Tumble
Despite the tumble in oil futures, differentials of key North Sea grades have been largely held up, with some even creeping higher.
Photographer: Carina Johansen/BloombergGunvor Group, one of the world’s biggest independent oil traders, piled into the North Sea crude market during a wider rout in futures markets.
The North Sea crude market, home to the world’s most important physical oil-price benchmark Dated Brent, often sees individual traders taking relatively large positions, meaning Gunvor’s actions aren’t definitive proof of bullishness.